Document and Entity Information |
12 Months Ended |
|---|---|
|
Dec. 31, 2017
shares
| |
| Document And Entity Information | |
| Entity Registrant Name | Affimed N.V. |
| Entity Central Index Key | 0001608390 |
| Document Type | 20-F |
| Document Period End Date | Dec. 31, 2017 |
| Amendment Flag | false |
| Current Fiscal Year End Date | --12-31 |
| Is Entity a Well-known Seasoned Issuer? | No |
| Is Entity a Voluntary Filer? | No |
| Is Entity's Reporting Status Current? | Yes |
| Entity Filer Category | Non-accelerated Filer |
| Entity Common Stock, Shares Outstanding | 46,791,352 |
| Document Fiscal Period Focus | FY |
| Document Fiscal Year Focus | 2017 |
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- References No definition available.
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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Consolidated Statement of Comprehensive Loss - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Statement of comprehensive income [abstract] | |||
| Revenue | € 2,010 | € 6,314 | € 7,562 |
| Other income – net | 205 | 145 | 651 |
| Research and development expenses | (21,489) | (30,180) | (22,008) |
| General and administrative expenses | (7,986) | (8,323) | (7,548) |
| Operating loss | (27,260) | (32,044) | (21,343) |
| Finance income / (costs) – net | (2,983) | (230) | 1,104 |
| Loss before tax | (30,243) | (32,274) | (20,239) |
| Income taxes | 20 | 58 | 0 |
| Loss for the period | (30,223) | (32,216) | (20,239) |
| Total comprehensive loss | € (30,223) | € (32,216) | € (20,239) |
| Loss per share in € per share (undiluted = diluted) | € (.69) | € (0.97) | € (0.71) |
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- Definition The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of operating income that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of expense relating to selling, general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Consolidated Statement of Financial Position - EUR (€) € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Non-current assets | ||
| Intangible assets | € 65 | € 55 |
| Leasehold improvements and equipment | 1,113 | 822 |
| Total non-current assets | 1,178 | 877 |
| Current assets | ||
| Inventories | 241 | 197 |
| Trade and other receivables | 1,102 | 2,255 |
| Other assets | 800 | 516 |
| Financial assets | 0 | 9,487 |
| Cash and cash equivalents | 39,837 | 35,407 |
| Total current assets | 41,980 | 47,862 |
| TOTAL ASSETS | 43,158 | 48,739 |
| Equity | ||
| Issued capital | 468 | 333 |
| Capital reserves | 213,778 | 190,862 |
| Accumulated deficit | (182,667) | (152,444) |
| Total equity | 31,579 | 38,751 |
| Non current liabilities | ||
| Borrowings | 4,086 | 3,617 |
| Total non-current liabilities | 4,086 | 3,617 |
| Current liabilities | ||
| Trade and other payables | 4,180 | 5,323 |
| Borrowings | 3,083 | 973 |
| Deferred revenue | 230 | 75 |
| Total current liabilities | 7,493 | 6,371 |
| TOTAL EQUITY AND LIABILITIES | € 43,158 | € 48,739 |
| X | ||||||||||
- Definition The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of outstanding funds that the entity is obligated to repay. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of deferred income classified as current. [Refer: Deferred income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current inventories. [Refer: Inventories] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The nominal value of capital issued. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The non-current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of assets that do not meet the definition of current assets. [Refer: Current assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of assets that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of current financial assets that the entity does not separately disclose in the same statement or note. [Refer: Other financial assets; Current financial assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing the entity's cumulative undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for decrease (increase) in other assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other assets; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for gain (loss) on disposals of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments, other than changes in working capital, to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are recognised as an expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash from (used in) the entity's operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for interest paid, classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from interest received, classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from borrowings obtained. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from the disposal or maturity of available-for-sale financial assets. [Refer: Financial assets available-for-sale] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from the issuing of ordinary shares. [Refer: Ordinary shares [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for the purchase of available-for-sale financial assets. [Refer: Financial assets available-for-sale] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow for the purchase of investments other than investments accounted for using equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of cost related to the issuance of shares. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Consolidated Statement of Changes in Equity - EUR (€) € in Thousands |
Issued Capital |
Capital Reserves |
Accumulated Deficit |
Total |
|||
|---|---|---|---|---|---|---|---|
| Balance, beginning at Dec. 31, 2014 | € 240 | € 131,544 | € (99,989) | € 31,795 | |||
| Issue of common shares | 91 | 52,463 | 52,554 | ||||
| Exercise of share based payment awards | 2 | 942 | 944 | ||||
| Equity-settled share based payment awards | 2,220 | 2,220 | |||||
| Loss for the period | (20,239) | (20,239) | |||||
| Balance, ending at Dec. 31, 2015 | 333 | 187,169 | (120,228) | 67,274 | |||
| Issue of common shares | 0 | 6 | 6 | [1] | |||
| Equity-settled share based payment awards | 3,545 | 3,545 | |||||
| Issue of warrant note (loan Silicon Valley Bank) | 142 | 142 | |||||
| Loss for the period | (32,216) | (32,216) | |||||
| Balance, ending at Dec. 31, 2016 | 333 | 190,862 | (152,444) | 38,751 | |||
| Issue of common shares | 135 | 20,922 | 21,057 | ||||
| Equity-settled share based payment awards | 1,943 | 1,943 | |||||
| Issue of warrant note (loan Silicon Valley Bank) | 51 | 51 | |||||
| Loss for the period | (30,223) | (30,223) | |||||
| Balance, ending at Dec. 31, 2017 | € 468 | € 213,778 | € (182,667) | € 31,579 | |||
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in equity resulting from the exercise of options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The change in equity resulting from the issuing of convertible instruments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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1. Reporting Entity |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Reporting Entity | |
| Reporting Entity | Affimed N.V. is a Dutch company with limited liability (naamloze vennootschap) and has its corporate seat in Amsterdam, the Netherlands.
The consolidated financial statements are comprised of Affimed N.V, and its controlled (and wholly owned) subsidiaries Affimed GmbH, Heidelberg, Germany, AbCheck s.r.o., Plzen, Czech Republic and Affimed Inc., Delaware, USA (together “Affimed” or the “Company”).
Affimed is a clinical-stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies. The Company’s product candidates are developed in the field of immuno-oncology, which represents an innovative approach to cancer treatment that seeks to harness the body’s own immune defenses to fight tumor cells. Affimed has own research and development programs and collaborations, where the Company is performing research services for third parties.
|
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The description of the nature of the entity's operations and principal activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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2. Basis of Preparation – Consolidated Financial Statements |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Basis Of Preparation Consolidated Financial Statements | |
| Basis of Preparation – Consolidated Financial Statements |
Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS).
The consolidated financial statements were authorized for issuance by the management board on March 16, 2018.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for financial instruments measured at fair value (see note 13) and monetary assets and liabilities denominated in foreign currencies, which are translated at period-end exchange rates. The Company did not opt for a valuation of liabilities at fair value through profit or loss.
Consolidation
The Company controls an entity when it has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control is obtained by the Company. It is de-consolidated from the date control ceases.
Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated.
Functional and presentation currency
The consolidated financial statements are presented in euro, which is also the subsidiaries’ functional currency. All financial information presented in euro has been rounded to the nearest thousand (abbreviated €) or million (abbreviated € million).
Presentation of consolidated statements of comprehensive loss
As a clinical-stage biopharmaceutical company with a primary focus on research and development activities, cost of sales and gross profit are not considered meaningful measures for Affimed and therefore are not presented.
Foreign currency transactions
Transactions denominated in currencies other than the euro are translated at exchange rates at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the euro are translated at the exchange rate at the date of the consolidated statement of financial position.
The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period.
Foreign currency gains or losses that relate to borrowings, cash and cash equivalents and financial assets are presented in the statement of comprehensive loss within ‘Finance income / (costs) - net’. All other foreign exchange gains and losses are presented in the statement of comprehensive loss within ‘Other income – net’.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The disclosure of the basis used for the preparation of the financial statements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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3. Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies |
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements.
Revenue recognition
The Company provides research and development services to third parties based on both Company and third party owned intellectual property. Such services are performed on a “best efforts” basis without a guarantee of technological or commercial success. For some research programs, Affimed has entered into collaborations with other companies that provide the Company with funding or other resources such as access to technologies. From time to time, the Company also licenses its intellectual property to third parties who use it to develop product candidates.
Collaboration and license agreements are evaluated to determine whether they involve multiple elements that can be considered separate units of accounting. To date, the Company has not licensed or sold its intellectual property without continuing involvement by providing the related research and development services. Accordingly, the results under the Company’s collaboration and license agreements have not qualified as separate units of accounting.
Revenue from collaborative or other research service agreements is recognized according to the stage of completion.
Milestone payments are contingent upon the achievement of contractually stipulated targets. The achievement of these targets or milestones depends largely on meeting specific requirements laid out in the respective agreement. Consideration that is contingent upon achievement of a milestone is recognized in its entirety as revenue in the period in which the milestone is achieved, but only if the consideration earned from the achievement of a milestone meets all the criteria for the milestone to be considered substantive at the inception of the agreement. For a milestone to be considered substantive, the consideration earned by achieving the milestone must (i) be commensurate with the Company’s performance to achieve the milestone, (ii) relate solely to past performance, and (iii) be reasonable relative to all results and payment terms subject to the respective agreement.
Non-refundable upfront research funding that generally has no stand-alone value to the customer and requires continuing involvement in the form of research and development services or other efforts by the Company is recognized as revenue ratably over the term of the service agreement which is the period of performance.
Research and development
Costs incurred related to research activities are expensed in the period incurred. Costs incurred on development projects are recognized as intangible assets beginning on the date it can be established that it is probable that future economic benefits attributable to the asset will flow to the Company considering its technological and commercial feasibility. Given the current stage of the development of the Company’s product candidates and technologies, no development expenditures have yet been capitalized. Intellectual property-related costs for patents are part of the expenditure for the research and development projects. Therefore, registration costs for patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization.
Employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognized for the amount expected to be paid under a short-term cash bonus, if (a) the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and (b) the obligation can be estimated reliably.
The Company’s share-based payment awards outstanding as of December 31, 2016 and 2017, are classified as equity-settled share-based plans. The fair value of share-based equity-settled awards granted to employees is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services are received. Fair value is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate and the time to maturity of the option. The number of stock options expected to vest is estimated at each measurement date.
Government grants
The Company receives certain government grants that support its research effort in specific projects. These grants generally provide for reimbursement of approved costs incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured.
Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs they are intended to compensate. When the cash in relation to recognized government grants is not yet received the amount is included as a receivable on the statement of financial position.
The Company recognizes income from government grants under ‘Other income - net’ in the consolidated statement of comprehensive loss.
Lease payments
Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease.
Finance income and finance costs
Finance income comprises interest income from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.
Finance costs comprise interest expense on borrowings and, in 2016, includes losses from early extinguishment of debt.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
The Company’s non-derivative financial assets include trade and other receivables, cash and cash equivalents and, in 2016, certificates of deposit at banks with original maturities of more than three months.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets and are subsequently carried at amortized cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.
The Company’s classes of financial liabilities are borrowings and trade and other payables. The Company initially recognizes non-derivative financial liabilities on the date that they are originated and measures them at amortized cost using the effective interest rate method. The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.
The Company entered into certain loan agreements pursuant to which it issued warrants to purchase common shares of the Company at the option of the respective holders (see note 17). The number of shares to be issued does not vary with changes in their fair value.
The liability component of the loans was recognized initially at the fair value of a similar liability without a warrant. The equity component was recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The equity component is not re-measured subsequent to initial recognition.
In 2017, the Company entered into a convertible note agreement (see note 13). The Company designated the combined contract consisting of the loan component and the conversion feature embedded in the loan agreement at fair value through profit and loss and recognizes changes of fair value re-measured on a recurring basis in ‘Finance income / (costs) – net.’
The Company acquired warrants to purchase common shares of Amphivena Therapeutics Inc. (“Amphivena”) at a specified price (see note 13). Initially, the warrants were recognized at fair value. Subsequently the fair value is re-measured on a recurring basis with changes recognized in ‘Finance income / (costs) – net.’
Impairment
Trade and other receivables are assessed at each reporting date to determine whether there is objective evidence that they are impaired. Trade or other receivables are impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the receivable, and such loss event had a negative effect on the estimated future cash flows of that receivable that can be estimated reliably. Loss events include indications that a debtor is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization.
All receivables are assessed for specific impairment. Losses are recognized in profit or loss and reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. No impairments or reversals of impairments were recognized in 2015, 2016 or 2017.
Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognized as the amount by which an asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Non- financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date.
Income taxes
Income taxes comprise current and deferred tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive loss.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and adjustments to taxes payable in respect of previous years.
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.
Deferred tax is measured at tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are presented net if there is a legally enforceable right to offset.
A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Fair Value Measurement
All assets and liabilities for which fair value is recognized in the consolidated financial statements are organized in accordance with the following fair value hierarchy, based on the lowest level input parameter that is significant on the whole for fair value measurement:
The carrying amount of all trade and other receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement of warrants and the convertible note designated at fair value through profit as well as the note disclosure for the fair value of a loan (financial liability) is based on level 2 measurement procedures (see notes 13 and 17).
Loss per share
Loss per common share is calculated by dividing the loss of the period by the weighted average number of common shares outstanding during the period.
The Company has granted warrants under certain loan agreements (see note 17) and options under share-based payment programs (see note 16) which potentially have a dilutive effect; no instruments actually had a dilutive effect.
Critical judgments and accounting estimates
The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
In preparing these financial statements, the critical judgments made by management in applying the Company's accounting policies resulted in the following accounting estimates:
The fair value of stock options issued by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. The number of stock options expected to vest is estimated at each measurement date.
Elements of consideration in collaboration and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally, the Company has continuing performance obligations and therefore up-front payments are deferred and the related revenues recognized in the period of the expected performance. Technology access fees are generally deferred and recognized over the expected term of the research service agreement on a straight-line basis.
The Company estimates that the achievement of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved. If the research service is cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.
The Company estimates its accrued expenses reviewing quotations and contracts, identifying services that have been performed on its behalf, estimating the level of service performed and the associated cost incurred for the service when Affimed has not yet been invoiced or otherwise notified of the actual cost. The majority of Affimed’s service providers invoice monthly in arrears for services performed or when contractual milestones are met. Affimed makes estimates of its accrued expenses as of each balance sheet date in the consolidated financial statements based on facts and circumstances known to it at that time. Affimed periodically confirms the accuracy of its estimates with the service providers and makes adjustments as necessary.
New standards and interpretations applied for the first time
No new accounting standards adopted in 2017 had a material impact on Affimed’s consolidated financial statements.
New standards and interpretations not yet adopted
The following new standards and amendments to standards are effective for annual periods beginning after December 31, 2017, and have not been applied in preparing these consolidated financial statements.
1 Shall apply for periods beginning on or after the effective date.
The Company assessed the potential impact that IFRS 9, 15 or 16 will have on its consolidated financial statements. The other amended standards are not expected to have a significant effect on the consolidated financial statements of the Company.
IFRS 9 (Financial Instruments)
Classification The standard contains a new classification and measurement approach for financial instruments that reflects the business model in which assets are managed and their cash flow characteristics. Based on the new measurement requirements, Affimed will recognize its preferred shares in Amphivena at fair value and will increase retained earnings by approximately €7 million before taxes as of January 1, 2018.
Hedge Accounting The new hedge accounting requirements will not have an impact on the consolidated financial statements as the Company does not have contracts or transactions which qualify for hedge accounting.
Impairment The new introduced impairment rules replace the ‘incurred loss’ model in IAS 39 with a forward looking ‘expected credit loss’ (“ECL”) model. This requires considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted basis. Under IFRS 9, the Company has decided to measure loss allowances on the following basis:
Based on this methodology, incurred losses on cash and cash equivalents and on trade and other receivables as of December 31, 2017 would have no material impact on the consolidated financial statements.
IFRS 15 (Revenue from contracts with customers) IFRS 15 (Revenue from contracts with customers) establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 has not been applied yet by Affimed but application will be required for periods beginning on or after January 1, 2018.
Affimed has finalized the assessment of all contracts with customers and IFRS 15 has no impact on the revenue recognition policy and revenue from current collaboration and service agreements which is recognized according to the stage of completion.
IFRS 16 (Leases) The new standard specifies how to recognize, measure, present and disclose lease agreements. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Affimed will be required to recognize “right-of-use” assets related to its premises rented and certain equipment leased. During the next year, the Company will gather and update information related to leases, assess extension and termination options as well as possible exemptions and identify the appropriate discount rate.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for significant accounting policies applied by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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4. Segment Reporting |
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| Segment Reporting |
The Company is active in the discovery, pre-clinical and clinical development of antibodies based on its core technology. The activities are either conducted as own project development or for third party companies. Management of resources and reporting to the chief operating decision maker is based on the Company as a whole.
The geographic information below analyzes the Company’s revenue and non-current assets by country. In presenting the following information, segment revenue has been based on the geographic location of the customers and segment assets were based on the geographic location of the assets.
Discovery activities and research services are conducted in both the Heidelberg and Plzen premises. Pre-clinical and clinical activities are conducted and coordinated from Heidelberg.
For the years ended December 31, 2015, 2016 and 2017, the Company’s revenue with two, three and four customers, respectively, exceeded 10% of total revenues. |
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- References No definition available.
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| X | ||||||||||
- Definition The disclosure of operating segments. [Refer: Operating segments [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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5. Revenue |
12 Months Ended |
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Dec. 31, 2017 | |
| Revenue [abstract] | |
| Revenue | Collaboration agreement with Amphivena
Until July 2016, Affimed was party to a collaboration with Amphivena. The purpose of the collaboration was the development of a product candidate for hematological malignancies. The collaboration included a License and Development Agreement between Amphivena and Affimed, which expired when Amphivena obtained the approval of an investigational new drug application (IND) from the FDA in July 2016. Pursuant to the license and development agreement between Affimed and Amphivena, Affimed granted a license to intellectual property and agreed to perform certain services for Amphivena related to the development of a product candidate for hematological malignancies. In consideration for the research and development work that was performed, Amphivena was required to pay to Affimed service fees totaling approximately €16 million payable according to the achievement of milestones and phase progressions as described under the license and development agreement. Since the expiration of the agreement, the parties have been closing out the collaboration by exchanging documentation and transferring materials and third-party contracts. During the years ended December 31, 2015, 2016 and 2017, the Company recognized revenue upon achievement of milestones and for the performance of research and development services (net of Affimed’s share in funding Amphivena) totaling €4.8 million, €3.4 million and €0.2 million, respectively. Amphivena has obtained funding solely by issuing preferred stock and convertible notes to investors. Through December 31, 2017, Affimed participated in the financing of Amphivena with cash investments in stock of €2.3 million and in convertible notes of €0.3 million ( see note 13).
Collaboration agreement with The Leukemia & Lymphoma Society (LLS)
Affimed is party to a collaboration with LLS to fund the development of a specific product candidate (TandAb). Under the terms of the agreement, LLS has agreed to contribute up to $4.4 million contingent upon the achievement of certain milestones.
In the event that the research and development is successful, Affimed must proceed with commercialization of the licensed product. If Affimed decides for business reasons not to continue the commercialization, Affimed must at its option either repay the amount funded or grant a license to LLS to enable LLS to continue with the development program. In addition, LLS is entitled to receive royalties from Affimed based on the Company’s future revenue from any licensed product, with the amount of royalties not to exceed three times the amount funded.
In June 2016, the research funding agreement with LLS was amended to reflect a shift to the development of combination therapeutic approaches so that the milestones now relate primarily to the development of a combination therapy.
During the years ended December 31, 2015, 2016 and 2017, the Company achieved several milestones and recognized revenue totaling €1.6 million, €0.4 million and €0.2 million, respectively.
Research service agreements
AbCheck has entered into certain research service agreements. These research service agreements provide for non-refundable upfront technology access research funding or capacity reservation fees and milestone payments. The Company recognized revenue of €1.1 million, €2.4 million and €1.6 million during the years ended December 31, 2015, 2016 and 2017, respectively.
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| X | ||||||||||
- Definition The entire disclosure for revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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6. Other Income and Expenses – Net |
12 Months Ended |
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Dec. 31, 2017 | |
| Other Income And Expenses Net | |
| Other Income and Expenses - Net | Other income and expenses, net mainly comprises income from government grants for research and development projects of €195 (2016: €171, 2015: €716). |
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- References No definition available.
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| X | ||||||||||
- Definition The disclosure of other operating income or expense. [Refer: Other operating income (expense)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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7. Research and Development Expenses |
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| Research and Development Expenses | The following table shows the different types of expenses allocated to research and development costs for the years ended December 31:
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- References No definition available.
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| X | ||||||||||
- Definition The disclosure of research and development expense. [Refer: Research and development expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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8. General and Administrative Expenses |
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| General and Administrative Expenses | The following table shows the different types of expenses allocated to general and administrative costs for the years ended December 31:
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- References No definition available.
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| X | ||||||||||
- Definition The disclosure of general and administrative expenses. [Refer: Administrative expenses] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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9. Employee Benefits |
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| Employee Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | The following table shows the items of employee benefits for the years ended December 31:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for employee benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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10. Finance Income and Finance Costs |
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| Finance Income and Finance Costs | The following table shows the items of finance income and costs for the years ended December 31:
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- References No definition available.
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| X | ||||||||||
- Definition The disclosure of finance income (cost). [Refer: Finance income (cost)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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11. Income Taxes |
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| Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | The Company did not incur any material income tax in the periods presented. As of December 31, 2017 deferred tax liabilities from temporary differences result mainly from borrowings (€152; 2016: €129) and in 2016 from other assets (€121). Deferred tax assets from differences mainly resulting from trade and other receivables (€259; 2016: €292) and intangible assets (€405; 2016: €49) have not been recognized as deferred tax assets as no sufficient future taxable profits or offsetting deferred tax liabilities are available.
A reconciliation between actual income taxes and the expected tax benefit from the loss before tax multiplied by the Company's applicable tax rate is presented below for the years ended December 31:
In Germany, Affimed has tax losses carried forward of €146.8 million (2016: €117.4 million) for corporate income tax purposes and of €146.4 million (2016: €117.0 million) for trade tax purposes that are available indefinitely for offsetting against future taxable profits of that entity. Restrictions on the utilization of tax losses in case of a change of control of ownership in Affimed were mitigated by the enactment of the Economic Growth Acceleration Act (Wachstumsbeschleunigungsgesetz 2009). According to the provisions of this act unused tax losses of a corporation as at the date of a qualified change in ownership are preserved to the extent they are compensated by an excess of the fair value of equity for tax purposes above its carrying amount of the Company. The maximum amount of tax losses at risk of being lost due to ownership changes is approximately €59 million. Deferred tax assets have not been recognized in respect of any losses carried forward as no sufficient taxable profits of Affimed are expected. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for income taxes. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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12. Trade and Other Receivables |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Trade and other receivables [abstract] | |
| Trade and Other Receivables | The trade receivables as of December 31, 2017 and 2016, of €580 and €970, respectively, are all due in the short-term, do not bear interest and are not impaired. As of December 31, 2017 and 2016, €260 and €219, respectively were overdue. Other receivables are all due short-term and mainly comprise receivables for research and development grants and other government subsidies of €20 (2016: €14), value-added tax receivables of €186 (2016: €642) and in 2016 receivables related to refunding of research and development costs (€385). |
| X | ||||||||||
- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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13. Other assets |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Other Assets | |
| Other assets |
On December 27, 2017, the Company signed a note purchase agreement with Amphivena pursuant to which Amphivena issued the Company a convertible note with a principal amount of USD 0.35 million (€0.29 million) and warrants to purchase 46,667 common shares of Amphivena with an exercise price of USD 0.01 per common share.
The loan matures on December 27, 2018 and bears interest at a rate of 6% per annum payable at maturity. The convertible note allows for a conversion into common shares of Amphivena during the term of the note at a conversion price which is contingent on various conversion triggers. If no conversion occurs prior to the maturity date the note will be converted into shares of Amphivena at a conversion price of USD 1.5 per common share.
The contractual life of the warrants is five years or until the date of certain transactions, e.g. the transfer of the majority of the voting rights in Amphivena, the transfer of substantially all of the assets of Amphivena, or an initial public offering covering the offering and sale of Amphivena’s common stock.
The Company recognized the note and the warrants in the consolidated financial statements as of December 31, 2017 at their respective fair values.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The disclosure of other assets. [Refer: Other assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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14. Financial Assets |
12 Months Ended |
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Dec. 31, 2017 | |
| Financial Assets | |
| Financial Assets | As of December 31, 2016, financial assets consisted of U.S. Dollar denominated certificates of deposit with original maturities of more than three months. |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The disclosure of financial assets. [Refer: Financial assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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15. Equity |
12 Months Ended |
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Dec. 31, 2017 | |
| Equity | |
| Equity | As of December 31, 2017, the share capital of €468 (2016: €333) is composed of 46,791,352 (2016: 33,262,745) common shares with a par value of €0.01.
In the first quarter of 2017, the Company issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of approximately €16 million. In connection with its at-the-market sales agreement, the Company issued 2,881,845 common shares for net proceeds of €5.1 million in 2017.
On June 20, 2017, the authorized share capital was increased from €1,100 to €2,196, consisting of 109,800,000 common shares and 109,800,000 cumulative preference shares, each with a par value of €0.01 per share. As of December 31, 2017, 46,791,352 (December 31, 2016: 33,262,745) common shares have been issued and are outstanding. Preferred shareholders are entitled to receive a fixed dividend per year in arrears prior to any distributions to common shareholders. As of December 31, 2017, no preferred shares have been issued.
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| X | ||||||||||
- Definition The disclosure of classes of share capital. [Refer: Share capital [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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16. Share Based Payments |
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| Share Based Payments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Payments | In 2014, an equity-settled share-based payment program was established by Affimed N.V. (ESOP 2014). Under this program, the Company granted awards to certain members of the Management Board, the Supervisory Board, non-employee consultants and employees. The awards vest in installments over three years and can be exercised up to 10 years after the grant date.
Share based payments with employees
The Company granted 1,778,095 ESOP 2014 awards in 2016 and 1,436,075 awards in 2017 to employees, members of the Management Board and others providing similar services (certain consultants).
In 2017, 399,552 ESOP 2014 awards were cancelled or forfeited due to termination of employment (2016: 83,750), and no options were exercised. As of December 31, 2017, 4,080,868 ESOP 2014 awards were outstanding (December 31, 2016: 3,044,345), 2,001,264 awards (December 31, 2016: 952,458) were vested. The options outstanding as of December 31, 2017 had an exercise price in the range of $1.80 to $13.47 (2016: $2.51 to $13.47) and weighted average remaining contractual life of 8.4 years (2016: 8.9 years).
In 2017, an expense of €1.943 was recognized affecting research and development expenses (€522) and general and administrative expenses (€1,421). In 2016, an expense of €3,545 was recognized affecting research and development expenses (€1,178) and general and administrative expenses (€2,367). In 2015, an expense of €2,220 was recognized affecting research and development expenses (€611) and general and administrative expenses (€1,609).
The fair value of options was determined using the Black-Scholes valuation model. The significant inputs into the valuation model are as follows (weighted average):
Expected volatility is estimated based on the observed daily share price returns of a peer group measured over a historic period equal to the expected life of the awards.
Share based payments with non-employees
On December 27, 2017, Affimed entered into a consulting agreement for business development services with a non-employee consultant. Pursuant to the agreement the consultant received an initial award of 60,000 options to purchase common shares of Affimed N.V. with an exercise price of USD 1.25. These options only vest with the achievement of a future event as defined in the consulting agreement. Affimed recognizes the expense related to the awards on the conclusion of such an event which was not concluded as of December 31, 2017. |
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- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for share-based payment arrangements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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17. Borrowings |
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| Borrowings [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Perceptive
In July 2014, the Company entered into a loan agreement with an affiliate of Perceptive Advisors LLC (the “Perceptive loan”), drawing an amount of $5.5 million. Finance costs included interest, an arrangement fee and 106,250 warrants convertible into common shares of the Company with a strike price of $8.80. Upon initial recognition, the fair value of the warrant of €613 was recognized in equity, net of tax of €183. Fair value was determined using the Black-Scholes-Merton formula, with an expected volatility of 65% and an expected time of six years to exercise of the warrant. The contractual maturity of the warrant is ten years.
In 2016 the Company repaid all outstanding amounts under the Perceptive loan. The Company recognized early repayment fees of €110 and extinguishment losses of €132.
The loan was measured at amortized cost using the effective interest method. In 2016, interest costs of €762 (2015: €703) and foreign exchange losses of €86 (2015: €527) were recognized in profit or loss.
Silicon Valley Bank
On November 30, 2016, the Company entered into a loan agreement with Silicon Valley Bank (the “SVB loan”) which provides the Company with a senior secured term loan facility for up to €10.0 million, which agreement was amended in May 2017 to provide that such amount would be available in three tranches. In December 2016, the Company drew an initial tranche of €5.0 million and in May 2017, a second tranche of €2.5 million; the availability of a third tranche of €2.5 million expired in September 2017 with such amount remaining undrawn.
Finance costs comprise the interest rate of one-month EURIBOR plus an applicable margin of 5.5%, with a floor of 5.5%, related one-time legal and arrangement fees of €236 and a final payment fee equal to 10% of the total principal amount to be paid with the last instalment. Pursuant to the loan agreement, the Company also granted the lender 166,297 and 53,395 warrants with an exercise price of $2.00 and $2.30 per share, respectively. Each warrant can be used to purchase common shares of Affimed at the respective exercise price for a period of ten years from the date of grant. The fair value of the warrants of €192 less deferred taxes and transaction costs of €81 and €8, respectively, was recorded as an addition to capital reserves in the equity of Affimed. The fair value of the warrants was determined using the Black-Scholes-Merton valuation model, with an expected volatility of 75-80% and an expected exercise period of five years to exercise of the warrant. The contractual maturity of the warrants is ten years.
In 2017, the Company adjusted the carrying amount of its financial liability and recorded a gain of €0.2 million upon the drawing of the second tranche due to a change in timing of the cash flows under the original terms of the existing credit facility.
The loan is secured by a pledge of 100% of Company’s ownership interest in Affimed GmbH, all intercompany claims owed to Affimed N.V. by its subsidiaries, and collateral agreements for all bank accounts, inventory, trade receivables and other receivables of Affimed N.V. and Affimed GmbH recognized in the consolidated financial statements with the following book values:
As of December 31, 2017 and 2016, the fair value of the liability did not differ significantly from its carrying amount (€7,169 and €4,590). The loan has a maturity date of May 31, 2020, and repayment started in December 2017 with amortized payments of principal in equal monthly installments. As of December 31, 2017, €3,083 (2016: €973) of such amount was classified as current liabilities.
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- References No definition available.
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| X | ||||||||||
- Definition The disclosure of borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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18. Trade and Other Payables |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Trade and other payables [abstract] | |
| Trade and Other Payables | Trade and other payables comprise trade payables of €3,380 (2016: €4,506). Other payables mainly comprise payroll and employee related liabilities for withholding taxes and social security contributions of €514 (2016: €471) and payables due to employees for outstanding bonus, unused holidays and other accruals. Other payables are normally settled within 30 days. |
| X | ||||||||||
- Definition The disclosure of trade and other payables. [Refer: Trade and other payables] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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19. Loss Per Share |
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| Loss Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Per Share | Loss per common share is calculated by dividing the loss of the period by the weighted average number of common shares outstanding during the period.
No instruments had a dilutive effect. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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20. Operating Leases and Other Commitments and Contingencies |
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| Operating Leases And Other Commitments And Contingencies | |||||||||||||||||||||||||||||||||||||||||||
| Operating Leases and Other Commitments and Contingencies |
The Company has entered into rental agreements for premises as well as into leases for vehicles and the use of licenses. These agreements have an average non-cancellable term of between one and four years with renewal options included in some contracts. In 2017, lease expenses of €472 and license fees of €174 have been recognized in consolidated statement of comprehensive income (2016: €409 and €405; 2015: €356 and €278).
Future minimum lease payment obligations under non-cancellable operating leases as of the reporting date are as follows:
Affimed has entered into various license agreements that contingently trigger payments upon achievement of certain milestones and royalty payments upon commercialization of a product in the future. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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21. Related Parties |
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| Related Parties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Parties |
As of December 31, 2017, no shareholder (December 31, 2016: one shareholder) holds more than 20% of the voting rights.
The compensation of managing directors and other key management personnel comprised of the following:
Remuneration of Affimed’s managing directors comprises fixed and variable components and share-based payment awards. In addition, the managing directors receive supplementary benefits such as fringe benefits and allowances. In the case of an early termination, the managing directors receive severance.
Compensation for other key management personnel comprises fixed and variable components and share-based payment awards.
The supervisory directors of Affimed N.V. received compensation for their services on the supervisory board of €375 (2016: €350; 2015: €296). In 2017, the Company recognized expenses for share-based payments for supervisory board members of €144 (2016: €381, 2015: €478).
Selected managing directors and supervisory directors entered into service and consulting agreements with the Company:
Dr. Ulrich Grau is a significant shareholder and Chairman of the Board of Directors of i-novion Inc., which was engaged by the Company to conduct preclinical services. In 2016, i-novion Inc. received related payments of €86.
Jens-Peter Marschner rendered consulting services amounting to €11 in 2017 and €29 in 2016.
The following table provides the total amounts of outstanding balances related to key management personnel:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for related parties. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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22. Financial Risk Management |
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| Financial Risk Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Risk Management |
The Company’s principal financial instruments comprise cash and cash equivalents, certificates of deposit at commercial banks, a convertible loan, warrants and investor loans presented in borrowings. The main purpose of these financial instruments is to raise funds for the Company's operations. The Company has various other financial assets and liabilities such as trade and other receivables and trade and other payables, which arise directly from its operations.
The main risks arising from the Company's financial instruments are credit risk and liquidity risk. The measures taken by management to manage each of these risks are summarized below.
The Company’s financial assets comprise to a large extent cash and cash equivalents. In addition, financial assets include certificates of deposit, a convertible loan, warrants and trade and other receivables. The total carrying amount of cash and cash equivalents (€39.8 million, 2016: €35.4 million), trade and other receivables (€1.1 million, 2016: €2.3 million), convertible note and warrants of Amphivena (€0.3 million) and in 2016, certificates of deposit (€9.5 million) represents the maximum credit exposure of €41.2 million (2016: €47.2 million).
The cash and cash equivalents and certificates of deposit are held with banks, which are rated BBB+ to AA- based on Standard & Poor’s and Moody’s.
The Company’s interest rate risk arises from cash accounts and long-term borrowings at variable rates.
Affimed entered into the SVB loan pursuant to which the Company borrowed €7.5 million with a variable interest rate of an annual rate of 5.5% plus one-month EURIBOR, with EURIBOR deemed to equal zero percent if EURIBOR is less than zero percent. The Company does not expect the EURIBOR to exceed the floor of 0% within the foreseeable future, and considers the interest risk to be low.
Market interest rates on cash and cash equivalents as well as on term deposits were low in 2017, resulting in interest income of €93 in 2017. A shift in interest rates (increase or decrease) would not have a material impact on the loss of the Company.
The Company holds warrants and a convertible loan of Amphivena. The fair value of the convertible loan and the warrants depends on the share price. The total exposure of the Company amounts to €292.
Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency.
The Company’s entities are exposed to Czech Koruna (CZK) and US Dollars (USD). The net exposure as of December 31, 2017 was €18,768 (2016: €18,974) and mainly relates to US Dollars.
In 2017, if the Euro had weakened/strengthened by 10% against the US dollar with all other variables held constant, the loss would have been €1,877 (2016: €1,897) higher/lower, mainly as a result of foreign exchange gains/losses on translation of US dollar-denominated financial assets. The Company considers a shift in the exchange rates of 10% as a realistic scenario.
Loss is less sensitive to movement in exchange rates shifts in 2017 than in 2016 because of the decreased volume of US dollar-denominated transactions.
The following significant exchange rates have been applied during the year:
Liquidity risk is the risk that the Company will encounter difficulties in meeting the obligations associated with its financial liabilities which are normally settled by delivering cash. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.
The Company continually monitors its risk of a shortage of funds using short and mid-term liquidity planning. This takes account of the expected cash flows from all activities. The supervisory board undertakes regular reviews of the budget.
In 2016, 2017 and February 2018, Affimed raised significant funding that it estimates will enable the Company to fund operating expenses and capital expenditure requirements at least until the fourth quarter of 2019.
The Company has entered into an at-the-market sales agreement with Cowen & Company, LLC under which more than €5 million in net proceeds has been raised (see note 15).
In the first quarter of 2017, the Company issued 10,646,762 common shares in a public offering at a price of $1.80 per common share for net proceeds of approximately €16 million.
On November 30, 2016, the Company entered into a loan agreement with Silicon Valley Bank (the “SVB loan”) and drew the initial tranche of €5.0 million in December 2016 and a second tranche of €2.5 million in May 2017.
In February 2018, the Company issued 13,225,000 common shares in a public offering at a price of $2.00 per common share for net proceeds of approximately €19.7 million. In addition, in February 2018 the Company issued 2,373,716 common shares for net proceeds of approximately €3.8 million in connection with its at-the-market sales agreement.
The Company expects to require additional funding to complete the development of the existing product candidates. In addition, the Company expects to require additional capital to commercialize the products if regulatory approval is received.
The primary objective of the Company's capital management is to ensure that it maintains its liquidity in order to finance its operating activities and meet its liabilities when due.
The Company manages its capital structure primarily through equity.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The disclosure of the entity's financial risk management practices and policies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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23. Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Subsequent Events | |
| Subsequent Events | In February 2018, the Company issued 13,225,000 common shares in a public offering at a price of $2.00 per common share for net proceeds of approximately €19.7 million. |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for events after the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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3. Significant Accounting Policies (Policies) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies Policies | ||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | The Company provides research and development services to third parties based on both Company and third party owned intellectual property. Such services are performed on a “best efforts” basis without a guarantee of technological or commercial success. For some research programs, Affimed has entered into collaborations with other companies that provide the Company with funding or other resources such as access to technologies. From time to time, the Company also licenses its intellectual property to third parties who use it to develop product candidates.
Collaboration and license agreements are evaluated to determine whether they involve multiple elements that can be considered separate units of accounting. To date, the Company has not licensed or sold its intellectual property without continuing involvement by providing the related research and development services. Accordingly, the results under the Company’s collaboration and license agreements have not qualified as separate units of accounting.
Revenue from collaborative or other research service agreements is recognized according to the stage of completion.
Milestone payments are contingent upon the achievement of contractually stipulated targets. The achievement of these targets or milestones depends largely on meeting specific requirements laid out in the respective agreement. Consideration that is contingent upon achievement of a milestone is recognized in its entirety as revenue in the period in which the milestone is achieved, but only if the consideration earned from the achievement of a milestone meets all the criteria for the milestone to be considered substantive at the inception of the agreement. For a milestone to be considered substantive, the consideration earned by achieving the milestone must (i) be commensurate with the Company’s performance to achieve the milestone, (ii) relate solely to past performance, and (iii) be reasonable relative to all results and payment terms subject to the respective agreement.
Non-refundable upfront research funding that generally has no stand-alone value to the customer and requires continuing involvement in the form of research and development services or other efforts by the Company is recognized as revenue ratably over the term of the service agreement which is the period of performance. |
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| Research and Development | Costs incurred related to research activities are expensed in the period incurred. Costs incurred on development projects are recognized as intangible assets beginning on the date it can be established that it is probable that future economic benefits attributable to the asset will flow to the Company considering its technological and commercial feasibility. Given the current stage of the development of the Company’s product candidates and technologies, no development expenditures have yet been capitalized. Intellectual property-related costs for patents are part of the expenditure for the research and development projects. Therefore, registration costs for patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization. |
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| Employee Benefits |
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognized for the amount expected to be paid under a short-term cash bonus, if (a) the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and (b) the obligation can be estimated reliably.
The Company’s share-based payment awards outstanding as of December 31, 2016 and 2017, are classified as equity-settled share-based plans. The fair value of share-based equity-settled awards granted to employees is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. Share-based payment awards with non-employees are measured and recognized when services are received. Fair value is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate and the time to maturity of the option. The number of stock options expected to vest is estimated at each measurement date.
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| Government Grants | The Company receives certain government grants that support its research effort in specific projects. These grants generally provide for reimbursement of approved costs incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured.
Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs they are intended to compensate. When the cash in relation to recognized government grants is not yet received the amount is included as a receivable on the statement of financial position.
The Company recognizes income from government grants under ‘Other income - net’ in the consolidated statement of comprehensive loss.
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| Lease Payments | Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease.
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| Finance Income and Finance Costs | Finance income comprises interest income from interest bearing bank deposits. Interest income is recognized as it accrues using the effective interest method.
Finance costs comprise interest expense on borrowings and, in 2016, includes losses from early extinguishment of debt.
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| Financial Instruments | A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
The Company’s non-derivative financial assets include trade and other receivables, cash and cash equivalents and, in 2016, certificates of deposit at banks with original maturities of more than three months.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets and are subsequently carried at amortized cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.
The Company’s classes of financial liabilities are borrowings and trade and other payables. The Company initially recognizes non-derivative financial liabilities on the date that they are originated and measures them at amortized cost using the effective interest rate method. The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.
The Company entered into certain loan agreements pursuant to which it issued warrants to purchase common shares of the Company at the option of the respective holders (see note 17). The number of shares to be issued does not vary with changes in their fair value.
The liability component of the loans was recognized initially at the fair value of a similar liability without a warrant. The equity component was recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method. The equity component is not re-measured subsequent to initial recognition.
In 2017, the Company entered into a convertible note agreement (see note 13). The Company designated the combined contract consisting of the loan component and the conversion feature embedded in the loan agreement at fair value through profit and loss and recognizes changes of fair value re-measured on a recurring basis in ‘Finance income / (costs) – net.’
The Company acquired warrants to purchase common shares of Amphivena Therapeutics Inc. (“Amphivena”) at a specified price (see note 13). Initially, the warrants were recognized at fair value. Subsequently the fair value is re-measured on a recurring basis with changes recognized in ‘Finance income / (costs) – net.’
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| Impairment |
Trade and other receivables are assessed at each reporting date to determine whether there is objective evidence that they are impaired. Trade or other receivables are impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the receivable, and such loss event had a negative effect on the estimated future cash flows of that receivable that can be estimated reliably. Loss events include indications that a debtor is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization.
All receivables are assessed for specific impairment. Losses are recognized in profit or loss and reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. No impairments or reversals of impairments were recognized in 2015, 2016 or 2017.
Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognized as the amount by which an asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Non- financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date.
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| Income Taxes | Income taxes comprise current and deferred tax. Current and deferred taxes are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive loss.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and adjustments to taxes payable in respect of previous years.
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.
Deferred tax is measured at tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are presented net if there is a legally enforceable right to offset.
A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
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| Fair Value Measurement | All assets and liabilities for which fair value is recognized in the consolidated financial statements are organized in accordance with the following fair value hierarchy, based on the lowest level input parameter that is significant on the whole for fair value measurement:
The carrying amount of all trade and other receivables, certificates of deposit, cash and cash equivalents and trade and other payables is a reasonable approximation of the fair value and therefore information about the fair values of those financial instruments has not been disclosed. The measurement of warrants and the convertible note designated at fair value through profit as well as the note disclosure for the fair value of a loan (financial liability) is based on level 2 measurement procedures (see notes 13 and 17).
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| Loss Per Share | Loss per common share is calculated by dividing the loss of the period by the weighted average number of common shares outstanding during the period.
The Company has granted warrants under certain loan agreements (see note 17) and options under share-based payment programs (see note 16) which potentially have a dilutive effect; no instruments actually had a dilutive effect.
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| Critical Judgments and Accounting Estimates | The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
In preparing these financial statements, the critical judgments made by management in applying the Company's accounting policies resulted in the following accounting estimates:
The fair value of stock options issued by Affimed N.V. is estimated using the Black-Scholes-Merton formula. The formula determines the value of an option based on input parameters like the value of the underlying instrument, the exercise price, the expected volatility of share price returns, dividends, the risk-free interest rate and the time to maturity of the option. The fair value of share-based equity-settled compensation plans is measured at grant date and compensation cost is recognized over the vesting period with a corresponding increase in equity. The number of stock options expected to vest is estimated at each measurement date.
Elements of consideration in collaboration and license agreements are non-refundable up-front research funding payments, technology access fees and milestone payments. Generally, the Company has continuing performance obligations and therefore up-front payments are deferred and the related revenues recognized in the period of the expected performance. Technology access fees are generally deferred and recognized over the expected term of the research service agreement on a straight-line basis.
The Company estimates that the achievement of a milestone reflects a stage of completion under the terms of the agreements and recognizes revenue when a milestone is achieved. If the research service is cancelled due to technical failure, the remaining deferred revenues from upfront payments are recognized.
The Company estimates its accrued expenses reviewing quotations and contracts, identifying services that have been performed on its behalf, estimating the level of service performed and the associated cost incurred for the service when Affimed has not yet been invoiced or otherwise notified of the actual cost. The majority of Affimed’s service providers invoice monthly in arrears for services performed or when contractual milestones are met. Affimed makes estimates of its accrued expenses as of each balance sheet date in the consolidated financial statements based on facts and circumstances known to it at that time. Affimed periodically confirms the accuracy of its estimates with the service providers and makes adjustments as necessary.
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| New Standards and Interpretations Applied for the First Time | No new accounting standards adopted in 2017 had a material impact on Affimed’s consolidated financial statements.
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| New Standards and Interpretations Not Yet Adopted | The following new standards and amendments to standards are effective for annual periods beginning after December 31, 2017, and have not been applied in preparing these consolidated financial statements.
1 Shall apply for periods beginning on or after the effective date.
The Company assessed the potential impact that IFRS 9, 15 or 16 will have on its consolidated financial statements. The other amended standards are not expected to have a significant effect on the consolidated financial statements of the Company.
IFRS 9 (Financial Instruments)
Classification The standard contains a new classification and measurement approach for financial instruments that reflects the business model in which assets are managed and their cash flow characteristics. Based on the new measurement requirements, Affimed will recognize its preferred shares in Amphivena at fair value and will increase retained earnings by approximately €7 million before taxes as of January 1, 2018.
Hedge Accounting The new hedge accounting requirements will not have an impact on the consolidated financial statements as the Company does not have contracts or transactions which qualify for hedge accounting.
Impairment The new introduced impairment rules replace the ‘incurred loss’ model in IAS 39 with a forward looking ‘expected credit loss’ (“ECL”) model. This requires considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted basis. Under IFRS 9, the Company has decided to measure loss allowances on the following basis:
Based on this methodology, incurred losses on cash and cash equivalents and on trade and other receivables as of December 31, 2017 would have no material impact on the consolidated financial statements.
IFRS 15 (Revenue from contracts with customers) IFRS 15 (Revenue from contracts with customers) establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 has not been applied yet by Affimed but application will be required for periods beginning on or after January 1, 2018.
Affimed has finalized the assessment of all contracts with customers and IFRS 15 has no impact on the revenue recognition policy and revenue from current collaboration and service agreements which is recognized according to the stage of completion.
IFRS 16 (Leases) The new standard specifies how to recognize, measure, present and disclose lease agreements. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Affimed will be required to recognize “right-of-use” assets related to its premises rented and certain equipment leased. During the next year, the Company will gather and update information related to leases, assess extension and termination options as well as possible exemptions and identify the appropriate discount rate.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The description of the entity's accounting policy for earnings per share. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for fair value measurement. [Refer: At fair value [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for finance income and costs. [Refer: Finance income (cost)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for government grants, including the methods of presentation adopted in the financial statements. [Refer: Government [member]; Government grants] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for the impairment of assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for income tax. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for recognising revenue. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The description of the entity's accounting policy for research and development expense. [Refer: Research and development expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The disclosure of the known or reasonably estimable information relevant to assessing the possible impact that the application of a new IFRS, that has been issued but is not yet effective, will have. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The disclosure of the initial application of an IFRS. [Refer: IFRSs [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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3. Significant Accounting Policies (Tables) |
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| Significant Accounting Policies Policies | ||||||||||||||||||||||||||||||||||
| New Standards and Interpretations Not Yet Adopted |
1 Shall apply for periods beginning on or after the effective date. |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- References No definition available.
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4. Segment Reporting (Tables) |
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| Segment Reporting Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographic Information |
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- References No definition available.
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- References No definition available.
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7. Research and Development Expenses (Tables) |
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| Research And Development Expenses Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and Development Expenses |
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- References No definition available.
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- References No definition available.
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8. General and Administrative Expenses (Tables) |
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| General and Administrative Expenses |
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- References No definition available.
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- References No definition available.
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9. Employee Benefits (Tables) |
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| Employee Benefits Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits |
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- References No definition available.
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- References No definition available.
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10. Finance Income and Finance Costs (Tables) |
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| Finance Income And Finance Costs Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Finance Income and Finance Costs |
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- References No definition available.
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| X | ||||||||||
- References No definition available.
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11. Income Taxes (Tables) |
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| Income Taxes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Reconciliation |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- References No definition available.
|
16. Share Based Payments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Payments Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assumptions of Options Granted |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
17. Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Assets Pledged |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
19. Loss Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Per Share Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
20. Operating Leases and Other Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||
| Operating Leases And Other Commitments And Contingencies Tables | |||||||||||||||||||||||||||||||||||||
| Future Minimum Lease Payment Obligations |
|
||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
21. Related Parties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Parties Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation of Managing Directors and Other Key Management Personnel |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding Balances Related to Key Management Personnel |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
22. Financial Risk Management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Risk Management Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exchange Rates |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The date on which the entity plans to apply a new IFRS that has been issued but is not yet effective. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The title of a new IFRS that has been issued but is not yet effective. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
4. Segment Reporting (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Disclosure of operating segments [line items] | |||
| Revenues | € 2,010 | € 6,314 | € 7,562 |
| Non-current assets | 1,178 | 877 | |
| Germany | |||
| Disclosure of operating segments [line items] | |||
| Revenues | 80 | 6 | 125 |
| Non-current assets | 957 | 618 | |
| Europe | |||
| Disclosure of operating segments [line items] | |||
| Revenues | 1,236 | 1,397 | 711 |
| USA | |||
| Disclosure of operating segments [line items] | |||
| Revenues | 694 | 4,911 | € 6,725 |
| Czech Republic | |||
| Disclosure of operating segments [line items] | |||
| Non-current assets | € 221 | € 259 | |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of assets that do not meet the definition of current assets. [Refer: Current assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
5. Revenue (Details Narrative) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Amphivena | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | € 200 | € 3,400 | € 4,800 |
| Leukemia & Lymphoma Society | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | 200 | 400 | 1,600 |
| AbCheck | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | € 1,600 | € 2,400 | € 1,100 |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of revenue arising from the rendering of services. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
6. Other Income and Expenses – Net (Details Narrative) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Other Income And Expenses Net Details Narrative | |||
| Government grants | € 195 | € 171 | € 716 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of income recognised in relation to government grants. [Refer: Government grants] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
7. Research and Development Expenses (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | € 21,489 | € 30,180 | € 22,008 |
| Third-party services | |||
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | 12,299 | 20,170 | 15,386 |
| Personnel expenses | |||
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | 5,639 | 6,648 | 3,637 |
| Legal, consulting and patent expenses | |||
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | 890 | 758 | 902 |
| Costs of Materials | |||
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | 994 | 1,028 | 902 |
| Amortization and depreciation | |||
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | 309 | 322 | 308 |
| Operating lease expenses | |||
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | 345 | 297 | 267 |
| Other expenses | |||
| DisclosureOfResearchAndDevelopmentExpensesLineItems [Line Items] | |||
| Research and development expenses | € 1,013 | € 957 | € 606 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
8. General and Administrative Expenses (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items] | |||
| General and administrative expenses | € 7,986 | € 8,323 | € 7,548 |
| Personnel expenses | |||
| DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items] | |||
| General and administrative expenses | 4,521 | 4,729 | 3,658 |
| Legal, consulting and audit fees | |||
| DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items] | |||
| General and administrative expenses | 1,945 | 2,210 | 2,468 |
| Operating lease expenses | |||
| DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items] | |||
| General and administrative expenses | 126 | 111 | 89 |
| Other expenses | |||
| DisclosureOfGeneralAndAdministrativeExpensesLineItems [Line Items] | |||
| General and administrative expenses | € 1,394 | € 1,273 | € 1,333 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of expense relating to selling, general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
9. Employee Benefits (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Employee Benefits Details | |||
| Wages and salaries | € 7,475 | € 7,445 | € 5,066 |
| Social security costs | 931 | 807 | 583 |
| Employee benefits | € 8,406 | € 8,252 | € 5,649 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition A class of employee benefits expense that represents social security contributions. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
9. Employee Benefits (Details Narrative) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Employee Benefits Details Narrative | |||
| Employer's contributions | € 438 | € 362 | € 269 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of employer contributions to retirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
10. Finance Income and Finance Costs (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| DisclosureOfFinanceIncomeCostsLineItems [Line Items] | |||
| Finance income / (costs) – net | € (2,983) | € (230) | € 1,104 |
| Interest Perceptive Loan Agreement (see note 17) | |||
| DisclosureOfFinanceIncomeCostsLineItems [Line Items] | |||
| Finance income / (costs) – net | 0 | (762) | (703) |
| Other finance cost Perceptive Loan Agreement (see note 17) | |||
| DisclosureOfFinanceIncomeCostsLineItems [Line Items] | |||
| Finance income / (costs) – net | 0 | (242) | 0 |
| Interest SVB Loan Agreement (see note 17) | |||
| DisclosureOfFinanceIncomeCostsLineItems [Line Items] | |||
| Finance income / (costs) – net | (690) | (41) | 0 |
| Foreign exchange differences | |||
| DisclosureOfFinanceIncomeCostsLineItems [Line Items] | |||
| Finance income / (costs) – net | (2,378) | 691 | 1,808 |
| Interest certificates of deposit with maturities of more than three months (see not 14) | |||
| DisclosureOfFinanceIncomeCostsLineItems [Line Items] | |||
| Finance income / (costs) – net | 77 | 122 | 0 |
| Other finance income/finance costs | |||
| DisclosureOfFinanceIncomeCostsLineItems [Line Items] | |||
| Finance income / (costs) – net | € 8 | € 2 | € (1) |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
11. Income Taxes (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Income Taxes Details | |||
| Loss before tax | € (30,243) | € (32,274) | € (20,239) |
| Income tax benefit at tax rate of 29.825 % | 9,020 | 9,626 | 6,036 |
| Adjustments due to impairment of deferred tax assets | (9,036) | (8,747) | (6,251) |
| Permanent differences | (93) | (948) | 199 |
| Adjustments for local tax rates | 195 | 12 | 18 |
| Non deductible expenses | 16 | 154 | 163 |
| Other | (82) | (39) | (165) |
| Income taxes | € 20 | € 58 | € 0 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that the entity does not separately disclose in the same statement or note. [Refer: Accounting profit; Applicable tax rate] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining taxable profit (tax loss). [Refer: Accounting profit] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
11. Income Taxes (Details Narrative) - EUR (€) € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| DisclosureOfIncomeTaxesLineItems [Line Items] | ||
| Tax loss carryforward for corporate income tax purposes | € 146,800 | € 117,400 |
| Tax loss carryforward for trade tax purposes | 146,400 | 117,000 |
| Borrowings | ||
| DisclosureOfIncomeTaxesLineItems [Line Items] | ||
| Deferred tax liabilities | 152 | 129 |
| Other assets | ||
| DisclosureOfIncomeTaxesLineItems [Line Items] | ||
| Deferred tax liabilities | 121 | |
| Trade and other receivables | ||
| DisclosureOfIncomeTaxesLineItems [Line Items] | ||
| Deferred tax assets | 259 | 292 |
| Intangible assets | ||
| DisclosureOfIncomeTaxesLineItems [Line Items] | ||
| Deferred tax assets | € 405 | € 49 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
12. Trade and Other Receivables (Details Narrative) - EUR (€) € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| DisclosureOfTradeAndOtherReceivablesLineItems [Line Items] | ||
| Trade receivables | € 580 | € 970 |
| Overdue trade receivables | 260 | 219 |
| Research and development grants and other government subsidies | ||
| DisclosureOfTradeAndOtherReceivablesLineItems [Line Items] | ||
| Other receivables | 20 | 14 |
| Value-added tax receivables | ||
| DisclosureOfTradeAndOtherReceivablesLineItems [Line Items] | ||
| Other receivables | € 186 | 642 |
| Refunding of research and development costs | ||
| DisclosureOfTradeAndOtherReceivablesLineItems [Line Items] | ||
| Other receivables | € 385 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount receivable by the entity that it does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The amount due from customers for goods and services sold. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
15. Equity (Details) - EUR (€) € / shares in Units, € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Equity Details | ||
| Issued capital | € 468 | € 333 |
| Common shares | 46,791,352 | 33,262,745 |
| Par value | € .01 | € .01 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The nominal value of capital issued. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The nominal value per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
16. Share Based Payments (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2017
EUR (€)
yr
|
Dec. 31, 2016
EUR (€)
yr
|
|
| Share Based Payments Details | ||
| Fair value at grant date | € 1.1 | € 1.99 |
| Share price at grant date | 2 | 3.55 |
| Exercise price | € 2.03 | € 3.57 |
| Expected volatility | 70.00% | 69.00% |
| Expected life | yr | 5.90 | 5.90 |
| Expected dividends | € 0 | € 0 |
| Risk-free interest rate | (0.23%) | (0.32%) |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The option life of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The exercise price of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of an expected dividend used to calculate the fair value of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average fair value of share options granted during the period at the measurement date. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average share price. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
16. Share Based Payments (Details Narrative) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2017
EUR (€)
shares
yr
|
Dec. 31, 2016
EUR (€)
shares
yr
|
Dec. 31, 2015
EUR (€)
|
|
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Share based expense | € | € 1,943 | € 3,545 | € 2,220 |
| Research and Development | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Share based expense | € | 522 | 1,178 | 611 |
| General and Administrative | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Share based expense | € | € 1,421 | € 2,367 | € 1,609 |
| ESOP 2014 | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Awards granted | 1,436,075 | 1,778,095 | |
| Awards cancelled or forfeited | 399,552 | 83,750 | |
| Awards outstanding | 4,080,868 | 3,044,345 | |
| Awards vested | 2,001,264 | 952,458 | |
| Weighted average remaining contractual life | yr | 8.4 | 8.9 | |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of expense from share-based payment transactions with employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) exercised or vested in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
17. Borrowings (Details) - EUR (€) € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|---|---|
| Disclosure of detailed information about borrowings [line items] | ||||
| Leasehold improvements and equipment | € 1,113 | € 822 | ||
| Inventories | 241 | 197 | ||
| Trade and other receivables | 1,102 | 2,255 | ||
| Other assets | 800 | 516 | ||
| Financial assets | 0 | 9,487 | ||
| Cash and cash equivalents | 39,837 | 35,407 | € 76,740 | € 39,725 |
| Total | 43,093 | 48,684 | ||
| Thereof Assets Pledged | ||||
| Disclosure of detailed information about borrowings [line items] | ||||
| Leasehold improvements and equipment | 891 | 542 | ||
| Inventories | 219 | 177 | ||
| Trade and other receivables | 328 | 1,217 | ||
| Other assets | 292 | 0 | ||
| Financial assets | 0 | 9,487 | ||
| Cash and cash equivalents | 38,726 | 34,674 | ||
| Total | € 40,457 | € 46,096 |
| X | ||||||||||
- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of financial assets that the entity has pledged as collateral for liabilities or contingent liabilities, including amounts that have been reclassified in accordance with paragraph 3.2.23(a) of IFRS 9. [Refer: Contingent liabilities [member]; Financial assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of current inventories. [Refer: Inventories] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of assets that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
17. Borrowings (Details Narrative) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2017 |
|
| Borrowings Details Narrative | |||
| Interest costs | € 762 | € 703 | |
| Foreign exchange losses | 86 | € 527 | |
| Loan payable, current | € 973 | € 3,083 | |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of interest costs that an entity incurs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The net loss arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The amount of current payables that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
18. Trade and Other Payables (Details Narrative) - EUR (€) € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Trade And Other Payables Details Narrative | ||
| Trade payables | € 3,380 | € 4,506 |
| Other payables | € 514 | € 471 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amounts payable that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The amount of trade payables and other payables. [Refer: Trade payables; Other payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
19. Loss Per Share (Details) - EUR (€) € / shares in Units, € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Loss Per Share Details | |||
| Net loss | € (30,223) | € (32,216) | € (20,239) |
| Weighted number of common shares outstanding | 43,746,073 | 33,259,505 | 28,477,438 |
| Loss per share | € (.69) | € (0.97) | € (0.71) |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
20. Operating Leases and Other Commitments and Contingencies (Details) - EUR (€) € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Disclosure of contingent liabilities [line items] | ||
| Future minimum lease payment obligations | € 833 | € 1,241 |
| Within one year | ||
| Disclosure of contingent liabilities [line items] | ||
| Future minimum lease payment obligations | 470 | 700 |
| Between one and five years | ||
| Disclosure of contingent liabilities [line items] | ||
| Future minimum lease payment obligations | € 363 | € 541 |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
20. Operating Leases and Other Commitments and Contingencies (Details Narrative) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Operating Leases And Other Commitments And Contingencies Details Narrative | |||
| Lease expenses | € 472 | € 409 | € 356 |
| License fees | € 174 | € 405 | € 278 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of payments on leases and subleases recognised as an expense by the lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of fee and commission expense that the entity does not separately disclose in the same statement or note. [Refer: Fee and commission expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
21. Related Parties (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Related Parties Details | |||
| Short-term employee benefits | € 1,538 | € 1,879 | € 1,633 |
| Termination benefits | 0 | 430 | 0 |
| Share-based payments | 1,379 | 2,292 | 1,474 |
| Key management personnel compensation | € 2,917 | € 4,601 | € 3,107 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of termination benefits. [Refer: Termination benefits expense; Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
21. Related Parties (Details 1) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | € 2,917 | € 4,601 | € 3,107 |
| Thomas Hecht | |||
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | 19 | 23 | |
| Richard Stead | |||
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | 12 | 14 | |
| Bemdt Modig | |||
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | 9 | 8 | |
| Ferdinand Verdonck | |||
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | 10 | 10 | |
| Ulrich Grau | |||
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | 17 | 17 | |
| Bernhard Ehmer | |||
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | 10 | 11 | |
| Jens-Peter Marschner | |||
| Disclosure of transactions between related parties [line items] | |||
| Key management personnel outstanding balance | € 0 | € 2 | |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
21. Related Parties (Details Narrative) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Disclosure of transactions between related parties [line items] | |||
| Share-based expense | € 1,943 | € 3,545 | € 2,220 |
| Supervisory Board Directors | |||
| Disclosure of transactions between related parties [line items] | |||
| Compensation received by directors for their services | 375 | 350 | 296 |
| Share-based expense | 144 | 381 | € 478 |
| Ulrich Grau | |||
| Disclosure of transactions between related parties [line items] | |||
| Compensation received by directors for their services | 86 | ||
| Jens-Peter Marschner | |||
| Disclosure of transactions between related parties [line items] | |||
| Compensation received by directors for their services | € 11 | € 29 | |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of expense from share-based payment transactions with employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
22. Financial Risk Management (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2017
Kč / €
$ / €
|
Dec. 31, 2016
Kč / €
$ / €
|
Dec. 31, 2015
Kč / €
$ / €
|
|
| CZK | |||
| DisclosureOfSignificantExchangeRatesLineItems [Line Items] | |||
| Average rate | Kč / € | .03799 | .03699 | .03666 |
| Spot rate | Kč / € | .03916 | .03701 | .03701 |
| USD | |||
| DisclosureOfSignificantExchangeRatesLineItems [Line Items] | |||
| Average rate | $ / € | .88519 | .90404 | .9019 |
| Spot rate | $ / € | .83382 | .94868 | .91853 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The average exchange rate used by the entity. Exchange rate is the ratio of exchange for two currencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
22. Financial Risk Management (Details Narrative) - EUR (€) € in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|---|---|
| Financial Risk Management Details Narrative | ||||
| Cash and cash equivalents | € 39,837 | € 35,407 | € 76,740 | € 39,725 |
| Trade and other receivables | 1,102 | 2,255 | ||
| Convertible note and warrants of Amphivena | 300 | |||
| Certificates of deposit | 9,500 | |||
| Maximum credit exposure | 41,200 | 47,200 | ||
| Maximum foreign currency exposure | € 18,768 | € 18,974 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of long-term deposits held by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The amount that best represents the maximum exposure to credit risk without taking into account any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS 32). [Refer: Credit risk [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|